September 04, 2018
WELLESLEY, Mass., Sep. 04, 2018– Due to heightened interest from both industrial and non-industrial segments, the global market for machine vision technologies is making a large-scale impact, according to a new report from BCC Research.
The global market for machine vision technologies was worth $16.0 billion in 2018. BCC Research estimates that it will reach a value of $24.8 billion by 2023, indicating a compound annual growth rate (CAGR) of 9.2%, according to Global Markets for Machine Vision Technologies.
Machine vision systems and components are the next generation of intelligent systems mainly used in industrial sector for detection, identification, measurement and inspection. These systems play major roles in robotics, used to guide autonomous robots also known as “self-navigating robots.”
“Machine vision systems can perform complex repetitive tasks with higher accuracy and consistency than human workers,” the report notes. “Machine vision systems include components such as image sensors, processors, programmable logic controllers (PLC), frame grabbers, cameras and more, which are driven by a software package to execute user defined applications.”
Industrial Internet of Things (IIOT) Driving Growth
One of the major factors driving the demand for machine vision systems is the increasing adoption of Industrial Internet of Things (IIoT). The major focus of IIoT is to connect machines and devices and bring computers from IT to operational technology, which opens vast possibilities for instrumentation and leads to major efficiency and productivity gains for any industrial operation. Machine vision systems have slowly become one of the key components of Industrial IoT and have proved their ability to inspect, measure, scan, or identify a variety of products across a broad spectrum of applications.
Editors/reporters requesting analyst interviews should contact Eric Surber at firstname.lastname@example.org.
Global Markets for Machine Vision Technologies( IAS010G )
Publish Date: Aug 2018
Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher. For media inquiries, email email@example.com or visit www.bccresearch.com/media to request access to our library of market research.